What is act in real estate?

What does reactivated mean in real estate?

There may be different reasons that a Listing file needs to be reactivated. If the Listing file was withdrawn on accident, or if the sellers decided to re-list their property, you may need to bring a Listing file back to Active after it’s been canceled.

What does ext mean in MLS?

MLS Abbreviations

Code Description Format
EXP Exposure
EXT Exterior: (A)luminum, (B)rick, (S)tone, (V)inyl, etc.
FEA Features
FC Annual Fuel Costs $

Who can amend the Real Estate Act in Alberta?

The Real Estate Act Rules contain most of the requirements affecting licensee business activities. The Industry Councils can create and amend the Rules, but do so with due care through industry consultation and stakeholder discussion.

What does U mean in MLS?

ACTIVE UNDER CONTRACT (U) Offer accepted and either: 1) seller requests that property remain in an On-Market status and is looking for back-up offers, or; 2) the sale is subject to court or other third -party approval.

What is the most common reason a property fails to sell?

The most common reason a property fails to sell is an unreasonable asking price by the seller. An asking price that’s too high is the surest way to increase your days on market and have a “non-starter” listing that buyers simply ignore.

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What does T stand for in MLS?

It means Temporarily Off Market. This isn’t a widely used category. A property may go TOM if a seller is going to be out of town for an extended period, or if the seller decides to do some repairs to the property and doesn’t want it shown while repairs are being done.

What is a Cancelled listing?

A canceled listing is one in which the seller and agent or broker agree to terminate the listing. Since the listing has ended, other agents are free to contact you.

What does extended mean real estate?

An extension addendum to contract is made when the parties agree to alter the terms or language of the original or existing agreement. An extension addendum to a contract may be made to change the original purchase price or to change the closing date of a real estate purchase.

What is the real estate act in Alberta?

The Real Estate Act of Alberta is the legislation governing residential real estate, commercial real estate, property management, condominium management, and mortgage brokerage licensees in Alberta. RECA administers the Act on behalf of the provincial government.

How hard is the real estate exam Alberta?

So, it really depends on what exam you are writing, but approximately 90 to about 140 questions is what you will see on the exam. Minimum Passing Grade: Regardless of what exam you’re writing, you do need a 70% to pass the Alberta Real Estate Exam, so you have to make sure you get more than 70% on your exam.

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Can a lawyer represent both parties in real estate in Alberta?

The Law Society of Alberta Code of Conduct actually allows for joint representation in a number of circumstances but the rules surrounding disclosure and the need to make sure all parties understand all aspects of what might happen make joint representation difficult to properly achieve. Here’s why.